You can pay out your MSME Loan with easy EMIs through ECS or direct debit. You can also pay offline through cash and DD at your nearest branch.

Fixed interest rates remain unchanged throughout the loan tenure irrespective of Market conditions. The floating rate, on the other hand, increases or decreases as per the market changes.

The eligibility criteria for Union LAP are as follows:

• All business enterprises irrespective of the constitution (Proprietorship / Partnership / Companies / Trust / Association etc.) other than individuals and HUF engaged in business activity for a minimum of two years
• Units should have in place all necessary statutory approvals / NOCs from respective authorities
• The credit Rating of the borrower should not be below UBI - 5 in case of a new connection and UBI - 4 in case of takeover advances
• All new as well as existing accounts can be covered under the scheme
• Enterprises engaged in speculative activities/Real Estate activities are not eligible for finance under this scheme

The quantum of finance ranges from ₹10 lakhs to ₹10 crores.